99-34 ;
Rule 4.7(a);
Exemption
The Division of Trading and Markets granted a CPO an exemption such that it may treat a non-QEP, high-level employee, as a QEP. The Division took this position because, among other things: (1) the employee directed the department of the CPO responsible for reviewing, analyzing, and calculating risk estimates for, all pools operated by the CPO; (2) the employee has worked for the CPO for eight years; (3) the CPO obtained the employee's written consent to be treated as a QEP, and (4) the CPO represented that the employee is fully familiar with the risks associated with the pool in which the employee will invest, and the employee has access to all information relevant to investing in that pool.